At a congressional hearing on the federal budget, the Houston Democrat described the potential negative economic impact the new taxes could have on his oil-producing city.

Obama hopes that by eliminating oil tax breaks, the U.S. will rely more on alternative energy sources.

“I oppose the president’s proposed tax increases on the oil and gas industry,” said Green. “An $85 billion tax hike would suppress our domestic production, stifle job creation, drive up imports of crude oil from nations that are hostile to us, and increase the volatility of the gasoline markets.”

Obama spoke about the issue in North Carolina on Wednesday. He said that “right now, $4 billion of your tax dollars goes straight to the oil industry every year — $4 billion in subsidies that other companies don’t get. Now, keep in mind, these are some of the same companies that are making record profits every time you fill up your gas tank. We’re giving them extra billions of dollars on top of near-record profits that they’re already making.”

“It doesn’t make any sense,” Obama added. “The American people have subsidized the oil industry long enough — they don’t need the subsidies. It’s time to end that taxpayer giveaway to an industry that’s never been more profitable, invest in clean energy that’s never been more promising.”

Green related the issue specifically to Houston and how it could hurt the Latino-majority district he has represented for nearly 20 years.

“The U.S. oil and natural gas industry does not receive tax subsidies,” Green said. “In fact, there is not a single targeted tax credit in the Internal Revenue Code available to the oil and natural gas industry. Instead, the industry is allowed to take deductions to recover the costs of doing business, which has been afforded to all businesses since the beginning of our country’s income tax system.”

Obama has time and again made public his support for small businesses in the economic recession; Green gave evidence of how this would hurt small businesses.

“Finally, it’s important to note that the average independent production company has only 12 employees – the definition of a true small business. Repealing these incentives would single-handedly destroy thousands of small businesses across our country.”

At the hearing, Green also asked for more federal spending on dredging the Port of Houston.

“Our port is the largest petrochemical port in the country and moves the second largest amount of cargo in the country. The commerce that occurs at our port is critical to our nation’s energy and chemical sectors and to our country’s ability to trade and move goods throughout our country,” said Green.

“The number one issue that the port faces is maintenance dredging that keeps the Houston Ship Channel at a depth and width that allows barges to access the port. Due to silting, only 0.4 percent of the channel is dredged to its proper depth. Studies have shown that the direct economic impact of losing 1 foot of draft is $373 million due to lost business opportunities. If the dredging crisis at the port continues to worsen, this cost will quickly escalate so we must continue to fund port maintenance and increase it if possible.”